In the Texas Senate race, both candidates have introduced their affordability proposals ahead of the upcoming election on Nov. 3. Ken Paxton, the Republican nominee and current attorney general, was the first to release his plan, followed by Democratic nominee James Talarico, a state representative.
Paxton's initiative, titled Protecting the Texas Promise, focuses on federal tax deductions. It includes a $25,000 deduction for medical expenses and health insurance premiums, along with an additional $25,000 for each dependent. His plan also proposes a $50,000 deduction aimed at first-time homebuyers and a similar amount for those relocating to a new primary residence.
Furthermore, a $5,000 deduction would support healthy lifestyle expenses, which encompass gym memberships and nutrition plans. Paxton aims to increase the federal child tax credit to $4,400 for each child under 17 and make permanent tax-deferred investment accounts for children, known as Trump Accounts.
On the other hand, Talarico's plan, named the New American Dream, emphasizes wage increases and debt relief rather than tax deductions. He proposes to eliminate tax breaks for the wealthiest 1% and redistribute the funds to the middle class, amounting to a $1 trillion cost-of-living tax cut. His plan includes universal childcare, a higher minimum wage, and expanded overtime pay.
Talarico also advocates for stronger labor unions, cancellation of medical debt, and regulations against overcharging by hospitals and insurers. He has framed the affordability crisis as intertwined with corruption, stating, "For too many of our neighbors, for too many Texans, the American dream has become an American nightmare."
Current polling averages indicate Talarico holds a slight lead over Paxton, with a 1.6 percentage point advantage. Neither candidate has provided a comprehensive cost analysis for their proposals, which would require congressional approval to be enacted.
